Statement of Deviation(s) or Variation(s) under Regulation 32 of SEBI (LODR) Regulations, 2015 for the quarter ended 30th June, 2026

Registered Office & Plant: 309, Moxi, Sankarda - Savli Road, Tal. Savli Dist. Vadodara - 391 780, Gujarat, India. CIN : L25200GJ1992PLC017678 Web : www.axelpolymers.com • Email : info@axelpolymers.com 14th August, 2026 The Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai 400 001 BSE Scrip Code: - 513642 Sub: Statement of Deviation(s) or Variation(s) under Regulation 32 of SEBI (LODR) Regulations, 2015 for the quarter ended 30th June, 2026 Pursuant to the provisions of Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’), please find enclosed the statement of Deviation(s) or Variation(s) in utilization of Preferential issue proceeds, for the quarter ended 30th June, 2026 pertaining to the Preferential Issue of equity shares of the Company in the prescribed format. We confirm that, as at June 30, 2026 there has not been any deviation(s) or variation(s) in the utilization of net proceeds of Preferential Issue of equity shares allotted on December 13, 2025 Kindly take the same on record. Thanking you, Yours faithfully, For Axel Polymers Limited Ashish Chaudhary Company Secretary and Compliance Officer Membership No. A72705 Encl.: as above Corporate Office: B-312, Western Edge II, Off. Western Express Highway, Borivali (East), Mumbai - 400 066. Maharashtra, India. • Phone: +91 22 41207546 CAr MUKUND & ROHIT IN 0 I A CHARTERED ACCOUNTANTS Axel Polymers Limited 309, Mokshi, Sankarda - Savli Road, Taluka: Savli, Vadodara -391780 Certificate for disclosure for utilization of issue proceeds 1. This report is issued in accordance with the terms of our agreement dated 11.08.2026 2. The accompanying Statement (Annexure) contains details of object-wise utilisation of issue proceeds along with variation if any, in accordance with Regulation 32 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, by the Axel Polymers Limited (the "Company"), which we have initialled for identification purposes only. Managements' Responsibility for the Statement 3. The preparation of the accompanying Statement is the responsibility of the Management of the Company. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and presentation of the Statement, and applying an appropriate·basis of preparation; and making estimates that are reasonable in the circumstances. 4. The Management is also responsible for ensuring that the Company complies with the requirements of the Regulation 32 of Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 and for providing all relevant information to the Securities and Exchange Board of India. Auditor's Responsibility 5. Pursuant to the requirements, it is our responsibility to obtain reasonable assurance and form an opinion as to whether the Statement is in agreement with the books and records of the Company. 6. We conducted our examination of the Annexure in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. No.8, 2nd Floor, Tower E, Avishkar Complex, Old Padra Road, Vadodara -390 007, Gujarat -INDIA. P +91 265 -2357845, 2310448, 2313515 E info@mukundrohit.com W www.mukundrohit.com 7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. Opinion 8. Based on our examination as above, and the information and explanations given to us, in our opinion, the Statement is in agreement with the records produced before us for verification and fairly presents, in all material respects, the manner of the realisation offunds in cash and non-circulation of funds or mere passing book entries other than those stated in the offer document. Restriction on Use 9. This report is addressed to and provided to the Board of Directors of the Company solely for the purpose of compliance with Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to submit the accompanying Statement to the Bombay Stock Exchange Limited and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing. For & on behalf of Mukund & Rohit Chartered Accountants FRN: 113375W Partner MRN: 136083 Place: Vadodara UDIN: 26136083NAWBXQ4749 Date: 14.08.2026 Statement of Deviation I Variation in utilisation of funds raised ~'-... I Name of listed entity- AxeL Polymers Limited - ~ J!;!ode of Fund Raising PreferentiaL Issues p~ "'0 gate of Raising Funds - 13th December, 2025 c!, ~mount Raised - Rs. 11,17,99,980 ~ ~eport filed for Quarter ended 30th June 2026 ~ l!Ionitoring Agency Not applicabLe N ~onitoring Agency Name, if applicable g: # there a Deviation I Variation in use of funds raised I No ~ j yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders -NA ~ Yes, Date of shareholder Approval-NA t~ ltxplanation for the Deviation I Variation -NA ~omments of the Audit Committee after review -NA s:o &omments of the auditors, if any -NA ~ ~ lObjects for which funds have been raised and where there has been a deviation, in the following table J: C ~ j>riginalObject Modified Original Modified Funds Utilised till Amount of DeviationlVariation Remarks if any ~ ~ ~ Object, if Allocation allocation, if any 30th June 2026 forthe quarter according to m m :: any applicable object m 0 5· ~orking Capital - - - Funds are fully utilised aSClP er 0' -n... t 6,70,79,988 6,70,79,988 @ dPqUlremen s allocation (Till as on 31st ~rch 2026) ,:Capital Expenditure 2,23,59,996 75,59,444 z g. .,aeneral Purpose 2,23,59,996 2,23,59,996 Funds are fully utilised as~er 1"\ ;:::;: III h ~ allocation (Till as on 31st March ~6) ~ g,eviation or variation could mean: ~ ~ Deviation in the objects or purposes for which the funds have been raised or ::E I.~) Deviation in the amount of funds actually utilized as against what was originally disclosed or • ~ :t{;) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc c::: ::J" ;:::;: Place -Vadodara Date: 14-1)8·2026 AXEL POLYMERS LIMITED Registered Office & Plant: 309, Moxi, Sankarda -Savli Road, Tal. Savli Dist. Vadodara -391 780, Gujarat, India. CIN : L 25200GJ1992PLC017678 Web: www.axelpolymers.com • Email: info@axelpolymers.com Statement of" Deviation I Variation in utilisation of funds raised Name of listed entity- Axel Polymers Limited Mode of Fund Raising Preferential Issues Date of Raising Funds- 13th December, 2025 Amount Raised- Rs. 11,17,99,980 Report filed for Quarter ended- 30th June 2026 Monitoring Agency Not applicable Monitoring Agency Name, if applicable Is there a Deviation I Variation in use of funds raised No If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders If Yes, Date of shareholder Approval- NA Explanation for the Deviation I Variation -NA Comments of the Audit Committee after review -NA Comments of the auditors, if any -NA Objects for which funds have been raised and where there has been a deviation, in the following table Original Object Modified Original Modified Funds Utilised Amount of Remarks if any Object, if Allocation allocation till 30th June DeviationlVariation any , ifany 2026 for the quarter according to applicable object - - - Working [Showing first 8,000 characters — download PDF for full document]